- Prachi Singh |
The H&M group’s sales including VAT increased by 4 percent in local currencies in May 2017 compared to the same month the previous year. Converted into SEK, the company’s sales increased by 8 percent. H&M said that in the first half of the month sales were affected by tough market conditions in several countries and sales improved considerably in the second half of the month.
In the second quarter period, from March 1 to May 31, 2017, sales including VAT increased by 5 percent in local currencies compared to the corresponding quarter the previous year. Converted into SEK sales including VAT increased by 10 percent and amounted to 59,538 million Swedish krona (6,485 million dollars) compared to 54,341 million Swedish krona (6,247 million dollars) for the same quarter last year. Sales excluding VAT amounted to 51,383 million Swedish krona (5,907 million dollars) against 46,874 million Swedish krona (5,388 million dollars), representing an increase of 10 percent.
The total number of stores in the group were 4,498 on May 31, 2017 compared to 4,077 stores on May 31, 2016. The company added that the amounts are provisional and may deviate slightly from the six-month report, covering the period December 1, 2016 to May 31, 2017.